As long as fed willing to give money to financial institutions they will take it and make paper money in the market. Even with all the negative results today they do not sell. Maybe they sell some this afternoon.
It doesn't matter that more are without jobs. The home building misses by a bunch. The Philly manufacturing misses by a big bunch. It is good that folks did not sell in May. May is not over so maybe they still sell some in May. Happy trading.
Fed QE to infinity is simply not working. If you don't have a job, the last thing you're going to do is take out a loan to spend more money, even if the IR is low. Also, don't forget, while earnings mostly beat, sales revenue was mostly down. Companies are making money via cutbacks - not growth. This also explains why capital expenditures are down as well.